Small and midsize companies in Korea will be given more funding support by the government for their research and development this year. According to the Small and Medium Business Administration yesterday, the government will spend 818.4 billion won ($779 million) in 2014 in the R&D sector for SMEs, up 1.8 percent, or 14.7 billion, compared to the previous year.
The move is in line with the current administration’s focus on boosting a so-called creative economy and realizing “economic democratization” by nurturing SMEs. Not all SMEs, however, will benefit from the extended funding this year. The SMBA has categorized SMEs into different groups based on their performances and companies in each category are expected to receive different amounts of support after deliberation by the government.
For full article, see Joongang Daily.